PayNova — Singapore Digital Payments Platform

Transaction Overview

PayNova had established itself as the dominant B2B digital payments infrastructure provider across Singapore and Malaysia, processing over $8 billion in annual transaction volume. The company’s management team sought access to U.S. public capital markets to fund expansion into Indonesia and the Philippines, but lacked the institutional relationships and regulatory expertise needed to navigate a cross-border listing.

Aetherium’s Role

We identified PayNova through our proprietary ASEAN deal sourcing network and conducted comprehensive due diligence spanning financial, legal, technology, and regulatory workstreams. Our team structured the transaction as a reverse merger with concurrent PIPE financing, optimizing the consideration mix to align sponsor, target, and public shareholder interests.

Key Transaction Metrics

• Enterprise Value: $420 million
• PIPE Commitment: $75 million from institutional investors
• Trust Redemption Rate: Under 12%, well below market average
• Time from LOI to Closing: 7 months

The Outcome

PayNova commenced trading on NASDAQ under the ticker PNVA, with strong institutional support and sell-side analyst coverage initiated within the first 30 days. The company’s post-listing market capitalization exceeded the transaction valuation within the first quarter, validating the thesis and demonstrating the strength of Aetherium’s execution capabilities in cross-border SPAC transactions.